Human beings are under more pressure than ever to deal with the increasing amount of data that people and platforms generate. If left untouched, this is bound to end badly: as people are prone to error – particularly when dealing with multiple data sources at once.
A more cost effective, error reducing method that is on the rise is Intelligent Document Process (IDP). Today we’ll share some of the fantastic IDP use cases out there that you might be able to use in your business – no matter the industry.
What Is Intelligent Document Processing?
IDP is an AI and machine learning-based system that automates data extraction from complicated, semi-structured text. IDP uses technology to extract, analyze, and classify data in a structured way. An IDP system must be ‘taught’ how to process using training models which feature the type of documents it will be required to process.
When the machine isn’t sure whether the data is right after training, it seeks human validation to confirm what it ‘thinks’, and it will also use this confirmation as further learning input. Any business that manually extracts data from documents can benefit from IDP.
Banking – Anti Fraud
The ability to import paper-based forms into fraud detection engines using Artificial Intelligence algorithms is one brilliant IDP use case. IDP can auto-extract data from documents and push it into a bank’s fraud detection engines to get a 360-degree view of potentially fraudulent cases. This saves banks time and also protects them from the risks associated with counterfeit applications.
Logistics – Consignment Details
Long packing lists are sent with every logistical shipment as a means of providing the receiver with a delivery checklist. Checking off these items is a time intensive, manual process, but IDPs can be used to extract the packaged items from the paper-based list and add the information to an ERP system so that every part of the booking process is fully traceable.
Healthcare – New Patients
During the patient onboarding process, a lot of data needs to be collected by hospitals, including onboarding forms, test results, pre-existing medical conditions, as well as family medical history. With IDP, the data the patient fills in can be automatically extracted – and then uploaded to the relevant databases within the hospital’s IT infrastructure.
Legal – M&A
Mergers and acquisitions are extremely document intensive processes that require an eye for detail. Mistakes during due diligence can cost businesses huge sums of money so Right First Time (RFT) is critical. Thankfully, IDP offers a solution as it can analyze and ‘understand’ data at a scale and speed that no human being could ever match. It can be ‘taught’ to look for certain phrases and using Natural Language Processing (NLP) it can even summarize the contents of documents scanned.
Media – Trend Tracking
One particularly interesting IDP use case is in the tracking of news and trends in digital media. An IDP bot can scan a list of websites or news sources to spot common themes or repeated concepts. A list of these ideas can then be put together for marketing teams to help them generate content in line with topics that are already being engaged with.
IDP can work in your business. If you want to know more then talk to the experts – PAteam.